Getting a Low Interest Rate
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Locking in your Interest Rate
A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a specific number of points for you for a specified period while your application is processed. This ensures that your interest rate can't go up during the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended ones are generally more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would have with a shorter period
Other Interest Saving Strategies
In addition to opting for the shorter rate lock period, there are more ways you can get the lowest rate. The larger down payment you make, the smaller the interest rate will be, since you will have more equity from the beginning. You can pay points to lower your interest rate over the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..
At Carolina Equity Services, Inc., we answer questions about this process every day. Give us a call at (919) 355-1034.